Intel shares hit 14-month low

NEW YORK (CBS.MW) -- Shares of Intel
INTC, -1.79%
have hit a fresh 52-week low in intraday trading, as several Wall Street analysts lowered their third-quarter revenue forecasts ahead of the chip sector bellwether's mid-quarter update on Thursday. The Dow industrials component hit a low of $21.02, the lowest price seen since July 1, 2003, and was last trading down 55 cents, or 2.2 percent, at $21.05. Prudential, J.P. Morgan and Morgan Stanley all said they expected the midpoint of Intel's third-quarter revenue outlook to be lowered to $8.8 billion from $8.9 billion. Meanwhile, Bear Stearns expects the midpoint to remain at $8.9 billion, and believes the stock's selloff has been overdone. The stock has now lost 14 percent since the end of July and 39 percent from its January 2004 high of $34.60.

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